Oil climbed sharply higher on the news, with the benchmark WTI jumping as much as 4.53 per cent to $65.54 a barrel before settling down slightly. Japanese stocks were also affected by flight to the safe-haven yen — an asset in which investors often take refuge in times of uncertainty. Japanese stocks are also being hit by concerns over the economic impact on resource-poor Japan from a higher oil price, Amemiya said. In Tuesday trade, US stocks had finished slightly lower while European markets were broadly flat — Frankfurt outperforming its peers with a 0.8-per cent gain. The dollar fetched 107.78 yen in early Asian trade, against 108.42 yen in New York on Tuesday.

Source: Punch January 08, 2020 01:07 UTC